Gold prices continue to rise, and the potential impact of President Trump’s tariffs could drive costs even higher.
“Gold is at an all-time high, reaching around $3,100 an ounce,” said Robert Wilson, owner of Henry Wilson Jewelers in DeWitt.
Over the past two years, gold prices have steadily increased, with the last 12 months seeing a significant spike.
“When we buy gold, prices are going up because it’s the raw material for gold jewelry,” Wilson explained.
Wilson’s store primarily sells gold, making up 75% of their inventory, including yellow, white, 18-karat, and 10-karat gold pieces.
“The cost of gold has increased by nearly 40% compared to a year ago,” Wilson added. “It’s not just a small change. In the last year, it’s been about a 37% jump. We have to adjust accordingly.”
Despite the price hike, customers are still purchasing gold jewelry.
“I initially thought higher prices would hurt business, but it hasn’t,” Wilson said. “Gold is now viewed as something with intrinsic value, almost like a family heirloom to pass down, which makes it even more valuable.”
However, Trump’s tariffs could soon affect the price of gold, though Wilson is uncertain about the full impact.
“If gold is produced or refined in the U.S. and then sent abroad to be made into jewelry, it doesn’t face tariffs. But if it’s completely made overseas, that could change things. It’s a complicated situation, and tariffs will definitely have some effect,” Wilson said.
Some of the gold sold in Wilson’s store comes from manufacturers in New York City and Los Angeles, while half of it is sourced overseas.
“There are various rates depending on the source,” Wilson noted. “Some manufacturers are working to minimize the effect of tariffs on gold imported from overseas.”
For now, Wilson plans to keep his prices steady.
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